SAEL to Invest $954 Million in Solar Manufacturing Plant

Indian renewable energy company SAEL Industries Ltd has announced plans to invest ₹82 billion (approximately $954 million) in setting up a state-of-the-art solar manufacturing facility in Uttar Pradesh. The plant, which will come up in Greater Noida, is designed to produce 5 gigawatts (GW) of solar cells and modules annually. This significant move places SAEL among the largest investors in India’s solar manufacturing space to date.

Greater Noida Plant to Expand SAEL's Solar Manufacturing Footprint

Once completed, the new facility will increase SAEL’s total module production capacity to 8.5 GW, marking a substantial leap forward for the company. This expansion is part of SAEL's broader effort to scale up its renewable energy manufacturing capabilities and strengthen its domestic presence in a highly competitive industry. The investment underscores the company’s commitment to playing a leading role in India’s transition to clean energy.

A Strategic Fit with India’s Solar Policy Goals

SAEL’s manufacturing push is in line with India’s national strategy to reduce reliance on imported solar equipment. From June 2026 onwards, India will mandate that only domestically manufactured solar cells from approved suppliers be used in government-backed solar projects. This policy is aimed at boosting self-reliance in the renewable energy supply chain and limiting dependence on imports, particularly from China.

Bridging the Domestic Manufacturing Gap

While India currently boasts about 80 GW of module manufacturing capacity, it lags in solar cell production with only 15 GW of cell capacity available. As a result, many Indian module manufacturers depend on Chinese-made cells to meet production needs. SAEL’s upcoming facility is expected to help bridge this gap by strengthening the upstream segment of the value chain.

"By 2030, tentatively, we are looking at a power generation capacity of around 18 to 20GW as an independent power producer," Laxit Awla, CEO of SAEL Industries.

SAEL Eyes 10 GW in Solar Power Generation Capacity

The company already owns and operates a solar portfolio exceeding 6.7 GW, combining both operational and under-construction projects. It aims to increase its generation capacity to 10 GW within the next three years. This goal is supported by a robust financing strategy that has seen SAEL raise over $2.4 billion through a mix of equity and debt instruments. In 2024, the company also successfully issued a $305 million green bond, further boosting its capital reserves for expansion.

IPO on the Horizon as Growth Plans Accelerate

In a sign of its growing ambitions, SAEL plans to go public with an initial public offering (IPO) later this year. While the company has not yet disclosed the expected size or timing of the IPO, this step marks an important milestone in its journey from a fast-growing clean energy firm to a publicly listed enterprise.

Revenue Growth Driven by Biomass and Power Production

SAEL’s financial performance has also seen a notable upswing. The firm nearly doubled its revenue from its biomass and independent power production businesses, reaching ₹6.87 billion in fiscal year 2025, up from fiscal 2023. Looking ahead, the company aims to grow this figure more than fourfold to ₹30.94 billion by fiscal year 2027, driven by expansion in both existing and new energy verticals.